• US stock futures fell slightly following President Donald Trump’s imposition of doubled tariffs on steel and aluminum imports to 50% (with the lone exception of the UK), in the interests of national security. This further ignites trade tensions with its largest partners like China and the European Union, despite the market having been already upbeat on the basis of encouraging economic news like the April JOLTS report alongside the rally of Nvidia stocks. Wall Street now holds its breath for further information on labor markets from Wednesday’s ADP jobs report and Friday’s full May jobs report.

• In big bank news, the Federal Reserve eliminated the $1.95 trillion asset limit previously imposed on Wells Fargo because of its fake account scandal. The action is a big victory for CEO Charles Scharf, who has made it his priority to reverse the bank’s tainted past, and drove Wells Fargo’s stock through the roof in after-hours trading. Elimination of the cap is considered a milestone in the bank’s turnaround.